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In 8 years Harry and Sally would like to have $12000 for a down payment on a house. How much should they deposit each month into an account paying an annual interest rate of 11% compounded monthly? Answer
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1 vote
In 8 years Harry and Sally would like to have $12000 for a down payment on a house. How much should they deposit each month

into an account paying an annual interest rate of 11% compounded monthly?

Answer =

User Illuminati
by
8.0k points

2 Answers

1 vote

Explanation:

1year=12month

8years =12×8=86month

11/100×12000=1320

12000-1320=10680

10680/86

they will deposit 124

User Seline
by
7.8k points
2 votes

Answer: 5 percent

Explanation:

User Mariy
by
8.3k points
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